SOL is retesting $210, is a rebound or rebound next?

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Solana (SOL) has seen its rally slow in recent days, falling 23% from its new all-time high (ATH) and more than 8% in the past day. Some investors are concerned about Altcoin's short-term performance as the crypto market pulls back.

Solana falls to its lowest level in a month

Solana has been one of the main cryptocurrencies in this cycle, outperforming most of the market and stealing the headlines. Unlike most altcoins, the cryptocurrency fared much better in the Q2 and Q3 going back, keeping above pre-bull run levels.

As Q4 began, Solana continued to move within the $110-$180 price range, breaking above this range after the market's post-election pump. The SOL move took the indicator past its annual level and successfully has been recovered the $200 barrier.

The token continued to climb higher until its new ATH of $263 was reached on November 23rd. Since then, Solana has bounced between the $245-$220 price range, fueling investor optimism about the altcoin's next “price discovery” move.

Nevertheless, the price of SOL has taken a hit in the past day along with Bitcoin and the rest of the crypto market. Solana saw an 8.7% correction in the last 24 hours, falling to the $210 support level before falling below it.

The cryptocurrency is now retest the key $200-$210 zone as support for the first time since it broke above it, falling below the $205 level on Tuesday morning. Altcoin crypto analyst Sherpa shared a possible bearish outlook for SOL's short-term performance based on the ongoing price retest.

For the mail“The weakness of SOL has been very apparent, and it is reflected in the price action of sol shitcoin as well.” The analysts explained that the current price action seems to be very rare, suggesting that it is imperative that the $200-$210 region is maintained.

Failure to hold this range is likely to push the price to a pre-selection resistance level of $180, which has not been proven as support since it broke above more than a month ago.

SOL Eyes aim for higher targets

Similarly, Crypto Jack a rehearsal a possible drop in the $180-$160 range if SOL fails to retest the $200 mark as support. However, he believes that the more than 10% drop is an opportunity for investors to “buy the dip”.

According to his possible play for Solana, the cryptocurrency would bounce to its ATH levels and try to break past them. Other market observers pointed out that SOL is currently retesting against weekly and monthly time frames as support, which could see Solana go higher “while it lasts.”

The Jelle crypto analyzer reconfirmation his $600 target for the digital currency, noting that it “performed amazingly in the first year of the cycle” and will “be a winner again in the coming months.”